Private care home capacity falling in the UK
The Local Government Association (LGA) has revealed a stark reduction in the number of private nursing home places available in the UK. The ongoing recession would appear to have hit private nursing homes hard as more and more of the UK population struggle to find the funds required to pay for the service. A survey by the LGA has highlighted the fact that 15% of local authorities in the UK are already feeling the pinch of substantially reduced private nursing home places and struggling to meet the extra burden.
A further 76.5% of local governments fully expect to feel the impact of nursing home closures in the short to medium term as the situation becomes critical. As many local authorities are legally obliged to assist with the cost of private nursing care there have been a number of initiatives to speed up payment of outstanding invoices which it is hoped will assist with short-term cash flow issues.
It is by far and away more cost-effective for councils to contribute towards private nursing home places as oppose to increasing their own nursing home portfolios, with the added cost of maintenance and construction. Nursing homes were once one of the more attractive investments for the future but an increase in their cost base, more and more red tape and the recession appear to have hit the sector hard in the short term.
Share this..
Related stories
Lowest house price growth in over a year
House prices grew by just 0.1 per cent in July, according to the latest Nationwide survey.This is the lowest monthly increase in house prices since April 2006, although the average UK property costs £184,270, still up £16,537 on last year.High interest rates are thought to be reducing demand for mortgages and also bringing down the rate of property inflation.Fionnuala Earley, Nationwide's chief...
Read MoreNationwide cuts rates again
Nationwide will cut some of its fixed rate and tracker deals by up to 0.46 per cent, the firm has announced.The move is an example of further positive sentiment in the UK mortgage market, and marks Nationwide's second reduction of rates in two weeks.Other lenders including HSBC have also announced recent reductions, while the sector has also been buoyed by takeover news from Alliance & Leicester.T...
Read MoreHow Do UK And US Mortgage Brokers Compare?
Even though the UK has one of the more advanced mortgage markets in the world we often hear stories of people being unhappy with the services they receive, the commission they pay and the rates they are charged. But is it any better in the US?
The first thing to say is that the UK is far and away more transparent than any area of the US mortgage broker market with fees and rates ha...
Can we really depend on the state for future pensions?
The pension industry has never been far from the headlines over the last 10 years as the situation has changed dramatically to the detriment of UK consumers. Only recently we have seen dozens of final salary pension schemes biting the dust and tax changes which have again hit the long-term attractions of personal pensions. The fact that the UK state pension has effectively fallen in real terms ove...
Read MoreSummer vets bills could soar
Pet owners will have to spend more on vets bills during the summer than the winter, the British Small Animal Veterinary Association (BSAVA) revealed.The fact that skin problems in animals are more likely to occur during the summertime means that pet owners could have to get vaccinations for their furry friends, particularly if they plan on putting them into a cattery or kennel while they go on hol...
Read More